THE IMPORTANCE OF MAKING TIMELY PAYMENTS - Chanukya's way

[Guest guest]

THE IMPORTANCE OF MAKING TIMELY PAYMENTS

 

Business is not about creating only goodwill. Rather, it's about creating real

brand value in the hearts of customers, suppliers and even the employees. One

way of doing this is by making timely payments to all.

 

Chanakya also gave a lot of importance to paying wages on time.

 

He even suggested penalising those who didn't: " In the case of non-payment of

the wage, the fine is one-tenth or six panas. In case of denial, the fine is

twelve panas or one-fifth " (3.13.33).

 

This verse highlights the sanctity of an agreement.

 

Even in today's world, if a person rescinds on making a promised payment after

the required work is done, he can be punished under the law of the land.

 

But, in addition to adhering to the law, a leader has to also understand the

benefits one gets by giving people their dues on time:

 

A promise is a promise

 

When a company's chairman or the head of any department or strategic business

unit promises something, he represents his entire team. It becomes his

responsibility to fulfill the promise.

 

While defining leadership qualities in the Arthashastra, Chanakya had said that

one should never over promise something and then `under-deliver' on it. Instead,

he said, it's better to `under-promise' and `over-deliver'! Of course, the best

thing would be to never promise anything if you are not sure about its

execution.

 

Be clear in financial dealings

 

The first rule of business is to look at all financial matters before committing

to anything. In fact, you should also apply this rule in your personal life – it

will prove very beneficial.

 

If you need a new television, you should first determine what your budget is.

For example, if you have only Rs 10,000, then buy a TV that costs that much.

 

It's no use wasting time in showrooms looking at an LCD for Rs 50,000, or

breaking your head over consumer loans and EMI schemes. In other words, always

work out your financials first, and then go for the deal.

 

Have a clear conscience

 

A man of wisdom once said: " The softest pillow is a clear conscience. " If you

keep your word even in the smallest of dealings, you will be able to sleep well.

 

Of course, there's always a chance for some miscommunication or minor

irritation. However, it's important to discuss and solve it in order to restore

a good working relationship.

 

Remember: The real goodwill is the brand you create, and nothing should be

allowed to tarnish it.